Coinbase Chief Policy Officer Urges Congress to Give CFTC Crypto Spot Market Oversight

Odaily Planet Daily News Coinbase Chief Policy Officer Faryar Shirzad drafted a two-page proposal urging the U.S. Congress to act quickly to introduce regulatory clarity and consumer protection for cryptocurrency users. Shirzad outlined six legislative priorities, including granting the CFTC full power over the cryptocurrency spot market. Shirzad wrote: "Digital assets such as Bitcoin and Ethereum are commodities, not securities. Legislation must authorize the CFTC to oversee the cryptocurrency spot market, ensure transparency and protect consumers from fraud and manipulation." Although the move will greatly weaken the SEC's regulatory power over digital assets, Shirzad said the agency still plays an important role. He said Congress must "enact the SEC's financing rules" to provide developers with "a clear way to raise funds for blockchain projects, rather than treating every token as a security." (Cointelegraph)